For anyone following the crypto market, it might be hard to believe that an economy in such deep financial trouble as Portugal’s could be considered the next big thing for blockchain technology and cryptocurrency investors, but that’s exactly what’s happening. Cryptocurrency investors are being drawn to Portugal like moths to a flame, and the pace of this migration shows no signs of slowing down anytime soon. If you are thinking about getting involved in the crypto market in any way, Portugal is one place you will want to look into sooner rather than later, as it is becoming a real crypto country.
Why is Portugal the best place?
There are a few reasons that Portugal is the best place to invest in cryptocurrency:
- Portugal has a favourable tax regime for crypto businesses.
- The Portuguese government is supportive of the crypto industry.
- Portugal has a growing and vibrant community of crypto enthusiasts.
- Portugal offers a great quality of life for expats.
- Portugal is strategically located for access to European and international markets.
- Portugal has a well-developed infrastructure for supporting businesses.
- Portugal is becoming known as a hub for innovation and creativity.
What are the drawbacks?
While Portugal may be on the rise as a top crypto country, there are still some drawbacks to consider.
For one, the cost of living can be higher in cities like Lisbon and Porto. Additionally, the Portuguese tax system can be complicated and hard to navigate for those unfamiliar with it. In addition to this if you do not speak Portuguese the language barrier can also be an issue, as not everyone speaks English. Finally, Portugal’s infrastructure isn’t always up to par with other developed countries, which can make getting around and doing business difficult at times.
How to begin investing in cryptocurrency
Cryptocurrency investing can be a tricky business, but there are some basic steps you can take to get started. First, do your research and choose a reputable exchange. Once you’ve chosen an exchange, create an account and deposit some funds. Next, decide which currency or currencies you want to invest in. Finally, place your order and watch your investment grow!
Talk to RHJ Accountants
We recognise more than ever that individuals and businesses from the UK and other countries may be globally mobile. We aim to make you aware of the tax-efficient opportunities, available tax relief and structure finances for life at home and abroad.
Our international team of specialists operate from offices in the UK and Portugal. We work together synergistically to provide tax efficient solutions to our clients to help them grow their business whilst keeping tax liabilities to a minimum.
Get in touch with us today to find out more, or to make use of our services.
